Business analytics is a career on the rise, and for a good reason. With the increasing number of data points available in every industry, business analytics professionals are tasked with helping companies make sense of all this data to improve their operations and achieve their goals.
The potential for growth in business analytics is enormous: it’s estimated that by 2026, there will be 11.5 million jobs opening up in business analytics alone. And more than half of those positions will require only a bachelor’s degree.
Want to know more about business analytics? Check out our blog on advantages of business analytics for more information.
Ten myths about a business analytics career
The world of business analytics is full of myths and misconceptions, but there’s no need to be intimidated by them. We’ve broken down the ten most common myths about a career in business analytics to help you understand what’s going on.
Myth #1: Business analytics is all about crunching numbers and analytics
This is one of the most popular business analytics myths. Business analytics is indeed a field that relies heavily on data, but it’s not just about crunching numbers. Business analytics professionals are often tasked with translating the data they collect into actionable insights that can improve a company’s performance. This means that business analytics professionals must have strong communication skills and an understanding of how the data they collect fits into the larger context of their organization’s goals and objectives.
Myth #2: Business analytics is a substitute name for business analysis
Business analysis focuses on understanding how an organization works and translating that information into actionable insights. They do this by gathering data from multiple sources (including customer surveys and interviews), analyzing it, and presenting their findings clearly, and easily understood.
On the other hand, business analytics positions involve using advanced statistical modeling and machine learning methods to analyze large datasets to determine what works best under certain circumstances. You can think of them as more technical than business analysts: they use complex systems to analyze data in ways that most people don’t even understand! Hence, this business analytics myth is false.
Want to know more about the skills required to become a business analyst? Check out our blog on business analytics skills for more information.
Myth #3: In business analytics, You should know about tools
You must know the tools, but it does not mean you will be a successful business analyst if you only know them. That is just one part of your job. You should know how to apply those tools to real-life situations.
To effectively use these tools, it is essential to understand what they do and how they can be used best. For example, suppose you’re trying to understand how people interact with your product using analytics software like dashboards. In that case, you need to know how that particular software works – not just what data points it shows you!
Want to know more about the roles of a business analyst? Check out our detailed blog on business analyst roles for more information.
Myth #4: Finding a job is difficult
This a completely false business analytics myth. Business analytics professionals work across a wide range of fields, and there is an ever-growing need for individuals who can analyze data and find solutions to business problems. Many jobs are available in business analytics, including data scientists, business intelligence analysts, data engineers, and more. These professionals can be found in companies of all sizes, from small startups to large multinational corporations.
Myth #5: You should have a strong IT Background
Business analytics is about data that comes from many sources. You can get it from your website, your CRM system, social media, and even the people you work with. So if you’re an IT professional with experience in one of these areas, then yes—you’ll have an advantage when analyzing that data. But if you’re more of an analyst than an engineer (or don’t know much about IT), don’t let that stop you from pursuing this career path.
The truth of this business analytics myth is that it is about looking at numbers and making sense of them so you can make better decisions based on what they tell you. So if you’re good at math (or even have a basic and need a technical degree to get started in Business Analytics) and have thought about how your company could be doing even better than it already is—business analytics might be right up your alley!
If you want to know more about the career scope of a business analyst? Check out our detailed blog on business analytics careers for more information.
Myth #6: You need a technical degree to get started in Business Analytics
Business analytics is interdisciplinary, meaning you can have more than one specific degree. You can take many different paths toward a career in business analytics, whether you want to start with a bachelor’s degree and then move on to graduate school or go straight from high school into the workforce.
Want to know the resume skills that companies want? Check out our blog on must have resume skills for more detailed information.
Myth #7: You need an expensive computer or software package to do business analytics
You can use free tools like Google Sheets, Excel, and Tableau Public. Many people start their careers by using these tools. However, you’ll need more robustness if you want to do more advanced things like building predictive models or creating data visualizations requiring much processing power, you’ll need more robustness.
Myth #8: Business analytics is only for math geeks
Many people think that business analytics is only for math geeks. Still, the truth of this business analytics myth is that you don’t need a math or statistics background to succeed as a business analyst. Business analysts use various tools, such as software applications and databases, to answer common questions around business analytics regarding their organization’s performance or growth prospects. They also pull information from various sources, including internal databases, social media sites like Facebook or Twitter, and even weather reports!
Myth #9: Business analysts don’t get paid very well
This business analytics myth has been perpetuated for years, but the truth is that business analysts are paid quite well. The average salary for a business analyst is $85,000 per year.
This misconception is probably because some businesses want to pay their business analysts less than they should. After all, it means a higher cost. However, if you’re looking for a career in business analytics that pays well, consider taking your skillset from a smaller company to one of the larger ones, such as Cisco or IBM.
Myth #10: Business analytics is boring and repetitive
The last business analytics myth is that it’s boring and repetitive.
Some aspects of the work can indeed be repetitive, but the whole point of business analytics is to uncover new insights. So while you may have to do a lot of data entry or cleaning, the goal is always to learn something new and make better decisions based on that information.
Business analytics professionals use tools like Tableau, Power BI, and Excel to analyze their data and draw insights from it.
Here’s how you can be an in-demand business analyst
Becoming an in-demand business analyst is as simple as following a learning path. The first step is to choose an online course to help you develop the skills needed to succeed as a business analyst. The best places to look are learning platforms like Online Manipal. This platform offers programs designed by distinguished faculty of top-notch Manipal Academy of Higher Education (MAHE) to teach students how to become an in-demand business analyst, including classes about data analytics and data mining – two essential skills for this career. The course will also teach the process of managing projects, coordinating teams of programmers and designers, reporting progress and results, analyzing customer satisfaction levels, evaluating potential new products or services, and much more!
The demand for business analysts is on the upswing. If you are interested in working as a business analyst, then it is essential to take a course that will help you prepare for this career. Online Manipal provide access to business analyst courses designed by world-class faculty of Manipal Academy of Higher Education (MAHE).
If you are interested in becoming a business analyst, then there is no better time than now to enroll in our program. We offer the best available training at an affordable price that will allow you to start your career path today!
Business Analytics is not a new field. It’s been around since the 1950s when IBM started using computers to crunch numbers.
Business Analytics is a broad term that covers everything from data mining to predictive modeling.
Business Analytics jobs are everywhere—from big tech companies like Google and Facebook to small businesses that need help making sense of their data.
The post Top 10 myths about a career in business analytics appeared first on Online Manipal.